First the inital, irrational exuberance. Along with out of control spending on anything AI. Then the lack of financial return on investment from the initial ex

First the inital, irrational exuberance. Along with out of control spending on anything AI. Then the lack of financial return on investment from the initial exploratory (try everything) stages. Leading to a sizable pullback in spending across the entire ecosystem. Then the doom & gloom (talking heads on TV; smarter-than-thou industry pundits); death of garbage start-ups (the great thinning); painful layoffs; stocks decline. And last, given some time - very substantial, tangible value (productivity gains, new products) is realized across decades. Rinse & repeat.